Turkey and Russia enhance simplified customs

Thursday, February 13, 2014

Simplified customs entry points at three Russian border gates will benefit exporters

Simplified customs entry points at three Russian border gates will benefit exporters

ANKARA - Turkey and Russia have increased the number of simplified customs entry points to improve bilateral trade.

The points, situated at three Russian border gates, will allow more exporters to benefit from the advantages of simplified customs procedures.

"The new border gates offer exporters entry into the Russian market from whichever region they choose," said the head of Favor Trans Inc, the only company authorized to conduct simplified customs dealings.

Turkey and Russia hope to conduct 10 percent of their bilateral trade through simplified customs routes.

Last year, exports worth US$220 million went through the only entry point at Moscow's Vnukovo Airport.

Tamer Dincsahin told Anadolu Agency that the simplified customs option offers exporters relief from some taxes, while facilitating credit lines from Turkey's export credit agency, Eximbank.

"The practice provides our exporters with more capabilities and increases their competitive edge," he added.

Turkey and Russia agreed in 2008 to use simplified customs procedures to enhance trade and the current level of trade between them stands at US$8 billion.

Last year, they set a trade volume target of US$100 billion by 2020.

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